Does it even matter if governments and banks accept cryptocurrency? - page 6.

#dhabitamartha

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Quote from: Ladysmith on October 19, 2018, 08:45:03 AM

There is buzz about the prospective of governments and banks accepting crypto or creating their own for its mass acceptance.

I don't think this is even worth acknowledging, as all of the present and future innovations are going to come from the private sector. Governments are just responsible for damage control, do a God-awful job for the most part and have never achieved true democracy.

In the past, people relied on governments and banks not because they're "governments" or "banks," but because they provided security.

Once AI, blockchain, and improved means to use crypto provide even better security than governments and banks ever could, whatever they do will be irrelevant.

I think if the government only supervises and provides services and private actors I strongly agree that bitcoin belongs to us all not only rich people or people in bitcoin government because it belongs to all those regulated by international government law

kaizerblitz

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I think it is good that the government accept cryptocurrency and banks also accept it with the help of blockchain technology it is a future of all and together people will understand the use of it and they think positive on bitcoin and many will invest on crypto.

MoreMoneyHunt

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IQCash

It will be a great news for the entire crypto space if the governments and banks across the globe accept Bitcoin without any regulation that will infringe upon the intrinsic features of cryptocurrency and the Blockchain. If the governments accepts crypto, this means more and more people will join crypto without investing in fear.

Cryptoreflector_666

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Quote from: Ladysmith on October 19, 2018, 08:45:03 AM

There is buzz about the prospective of governments and banks accepting crypto or creating their own for its mass acceptance.

I don't think this is even worth acknowledging, as all of the present and future innovations are going to come from the private sector. Governments are just responsible for damage control, do a God-awful job for the most part and have never achieved true democracy.

In the past, people relied on governments and banks not because they're "governments" or "banks," but because they provided security.

Once AI, blockchain, and improved means to use crypto provide even better security than governments and banks ever could, whatever they do will be irrelevant.

It's not the relevance, but the fact that banks are huge flows of money and people who own them simply will not allow to go somewhere else. The best minds on the planet work there. You only predstavte yourself on what scale you're talking about! It's incredible.

Bitfling

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Government and Banks should accept cryptocurrency. Its new currency with more security and can be used as investment at same time. Many Government can not accept cryptocurrency right now because they believe crypto used for illegal activity

Al-e_x

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I read local news, my country's government also said that they would create a digital currency, but not like bitcoin or other cryptos.
and I think, this is not a problem, when the government wants to offer better security to store our assets, then it becomes an option that must be appreciated by the public. even if the development is good, and can compete with other cryptos, then we have to try it.

ribowo76

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The World's 1st Waste to Green Energy DLT Project

Whatever the conditions, in my opinion it is important. Because, if the government or bank accept cryptocurrency and want to provide legality, then it will make people increasingly believe in cryptocurrency. And finally, it will keep the cryptocurrency away from negative perception

bangkecol

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But with a government that can monitor transactions from cryptocurrency itself can cause cryptocurrencies it is not impossible to easily enter the government, and that is what bitcoin needs as a reference to get legality.

nahotachikwem

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If the governments accept cryptocurrency, it will boast the existence of crypto and make it popular if banks are involved. But would still want it to be decentralized.

javadsalehi

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Quote from: stayeduptolate on October 27, 2018, 03:50:00 PM

Quote from: Ladysmith on October 19, 2018, 08:45:03 AM

There is buzz about the prospective of governments and banks accepting crypto or creating their own for its mass acceptance.

I don't think this is even worth acknowledging, as all of the present and future innovations are going to come from the private sector. Governments are just responsible for damage control, do a God-awful job for the most part and have never achieved true democracy.

In the past, people relied on governments and banks not because they're "governments" or "banks," but because they provided security.

Once AI, blockchain, and improved means to use crypto provide even better security than governments and banks ever could, whatever they do will be irrelevant.

It doesn't matter if governments or banks accept bitcoin or not as if you take the example of India where the national bank banned cryptocurrencies trading in general but people still do buying and selling through the means of p2p, so even if the governments and banks stop accepting bitcoin then also we can transact through p2p, and when the authorities see the need of bitcoin they will eventually make it legal and that would revolutionize our banking and other industries as they world be able to use blockchain technology through that.

You are right when we are talking about the possibility of making a transaction. Since now almost no country has officially legalized bitcoin. But some people are using it (mostly for earning money). But for reaching the main goal of bitcoin needs governments acceptance. The main goal is bitcoin is used in shops and buying things. I don't think that can be easily reached without permission of governments.

hero1111

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Of course, it is so important subject what you are talking, don't forget the market is waiting to ETF result and if it except it will be so important for all market and for next step, I mean next step will be governments and banks acceptance so it means is so important.

stayeduptolate

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Quote from: Ladysmith on October 19, 2018, 08:45:03 AM

There is buzz about the prospective of governments and banks accepting crypto or creating their own for its mass acceptance.

I don't think this is even worth acknowledging, as all of the present and future innovations are going to come from the private sector. Governments are just responsible for damage control, do a God-awful job for the most part and have never achieved true democracy.

In the past, people relied on governments and banks not because they're "governments" or "banks," but because they provided security.

Once AI, blockchain, and improved means to use crypto provide even better security than governments and banks ever could, whatever they do will be irrelevant.

It doesn't matter if governments or banks accept bitcoin or not as if you take the example of India where the national bank banned cryptocurrencies trading in general but people still do buying and selling through the means of p2p, so even if the governments and banks stop accepting bitcoin then also we can transact through p2p, and when the authorities see the need of bitcoin they will eventually make it legal and that would revolutionize our banking and other industries as they world be able to use blockchain technology through that.

dmamigo

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Quote from: Daniel91 on October 27, 2018, 02:01:06 PM

Personally, I will feel more relax and free if my government accept bitcoin.
Currently, If I withdraw my income from bitcoin i can't report it as bitcoin profit.
I have to report in some other, legally acceptable way and I don't feel good about it.

At least you have the facility to withdraw your Bitcoin, here in our country it is completely restricted to trade fiat-crypto or vice-versa. And most of them who thought it as a scamming mechanism grew their misunderstood info to another level. So government acceptance will help the society know the truth and know it better. Also, it will promote usage among the people, the new generation who is quite handy with the online transaction using electronic devices.

Daniel91

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Personally, I will feel more relax and free if my government accept bitcoin.
Currently, If I withdraw my income from bitcoin i can't report it as bitcoin profit.
I have to report in some other, legally acceptable way and I don't feel good about it.

zitbau

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I think it is very important and necessary for the development of bitcoin. Put in case if all the governments do not accept it, I think the investors will give up bitcoin and bitcoin will not be able to grow strongly. If bitcoin is accepted by the government and supported by banks, it will open up more opportunities for future bitcoin development.

Olayinka225

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Yes it does matter why?

Because it's what we have been expecting for a very long time, why because it's going to bring about suitable transaction flexibility between all crypto enthusiasts

concitta

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Crypto applications in a conventional bank system will cause problems because they also use the fiat system, there will be many things about transactions that they cannot set if there are errors from the adverse side, especially hacking problems.

For banks I prefer if they only become third parties / finals for fiat conversion. but for government regulations it is mandatory because it takes into account asset control and prevents ico investment from becoming too crowded without special rules. They have the right because if it is not controlled it will cause fiat inflation which is very severe in the future.

davlewis

newbie

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Crypto currency are decentralized currencies, but still government has some kind of regulations over it.
As the policy of the countries are scrubbed by the government and also people rely on banks for investments, it would be great if crypto gets accepted by both

iv4n

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Quote from: iMark on October 26, 2018, 08:13:48 PM

Quote from: mazdafunsun on October 23, 2018, 04:24:18 PM

I think that you are chosing to interperet goverments "acceptance"in the wrong way , goverments should not are not going to use bitcoin. This is something that is very very unlikely.
Goverments shoould accept btc in such sense that citizens are allowed to use BTC and their economies should be allowed to do so as well without any problems and with regulations , possible a bit different that in usual finance markets.

Agree, certainly not a problem and it is a good thing if the government accepts bitcoin in their country. because it actually gives a lot
of positive things for their society such as new jobs, a better economy, transparent payments and so on

If government accept bitcoins they need to have a way to process it trough the system, how to tax it, control it, they don`t need to use it directly but they need to have system that support it. Will they use it directly in some situations, remember the news from last year when we read about how UK and some other countries are buying bitcoins to have if they need to pay some ransom. New jobs will appear, but many old jobs will lose their purpose, administration, banking system will suffer the most, the ones with programming skill will find job easier than the ones with economy skills. I agree with one thing, crypto can give transparency and that can increase trust in global economy, it`s what people need I believe, it`s why crypto gaining so much popularity.

iMark

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Activity: 1162

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Quote from: mazdafunsun on October 23, 2018, 04:24:18 PM

I think that you are chosing to interperet goverments "acceptance"in the wrong way , goverments should not are not going to use bitcoin. This is something that is very very unlikely.
Goverments shoould accept btc in such sense that citizens are allowed to use BTC and their economies should be allowed to do so as well without any problems and with regulations , possible a bit different that in usual finance markets.

Agree, certainly not a problem and it is a good thing if the government accepts bitcoin in their country. because it actually gives a lot
of positive things for their society such as new jobs, a better economy, transparent payments and so on

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